Agree with Sofia. Great post but retail focus. FinTech companies face a dilemma from the outset – where to focus? Retail or Institutional? Retail is easier to get in but eventually a race a to the bottom. The bigger issue is that Retail focused fintech startups can almost never cross the chasm to the institutional world because by the time they are ready to jump in to the world of big ticket and complex transactions, they realise that their business and operating model are casted in stone for the retail business. What do you do then? All told, I really like the analysis and looking forward for more in depth narrow focussed post. Happy to chat offline.